In a conversation with Pratik Patel, Director Sourcing & Supplier Management, Mastercard, and Barath Narayanan, Global Head of BFSI Unit and Head Europe Region, Persistent, moderated by Shelly Kramer from theCube, they explore how procurement is evolving into a strategic enabler for organizations.
The discussion delves into the significance of procurement in driving organizational value beyond cost savings. Pratik and Barath share insights on building trust, optimizing processes, and leveraging technology to transform procurement functions.
What You Will Learn
- Strategic Role of Procurement: Understand how procurement can act as a strategic partner within organizations.
- Transformational Insights: Key focus areas for transforming procurement and aligning it with broader business goals.
- Technological Integration: The role of AI and machine learning in enhancing procurement processes and data quality.
- Practical Applications: Real-world examples of strategic procurement driving significant business outcomes.
- Expert Advice: Tips on building strong supplier relationships, establishing a credible procurement brand, and fostering continuous improvement.
Key Takeaways
- Three Crucial Roles: Learn about the roles of influencer, process expert, and risk management pro in modern procurement operations.
- Building Trust and Credibility: The importance of establishing a consistent procurement brand to build trust and facilitate transformational change.
- Lean Methodology: How eliminating waste through lean methodology can optimize procurement processes.
- AI and Machine Learning: Benefits of integrating advanced technologies to drive procurement efficiency.
- Strategic Success Stories: Specific instances where strategic procurement has delivered measurable business success.
Personal Inspirations
A Legacy of Innovation and Excellence
Pratik Patel, in addition to his remarkable contributions to strategic procurement, draws inspiration from his grandfather, Dr. Zaverbhai Patel, whose pioneering work in wheat-sprout farming has left an indelible mark on the global agricultural community. Here is a commendation from a notable leader recognizing Dr. Patel’s impact:
“Dr. Zaverbhai’s unique and priceless revolutionary contribution in Research Work in wheat-sprout farming is a hallmark on the Global Campus. In the present day set-up of the Gujarat Agriculturists and Researchers’ team think of Dr. Zaverbhai’s work, in undoubtedly pioneering contribution preparing a pathway for the young aspirants to aim at new frontiers. Thus Dr. Zaverbhai’s LOK-1 is a matter of great pride for the Gujarat State for carving a niche on the Global campus. Thus I pay my heartfelt homage to one of the most reverential dignitaries Dr. Zaverbhai Patel. I congratulate the family of Dr. Zaverbhai and those who have put in efforts to compile it in readable format.”
Shree Narendra Modi
(Source: “Dr. Zaverbhai H. Patel’s Invention Saga”)
About Dr. Zaverbhai Patel’s Dedication
Dr. Zaverbhai spent 30 years (1958-1989) of his retirement life on wheat research, at his own expense, working seven days a week, taking very rare vacations and came up with a wheat variety Lok-1 which was better (in yield) than any other wheat variety including the variety invented by an American scientist, Dr. Borlaug, for which he was awarded Nobel Prize in 1970.
Speaker –
Pratik Patel, Director Sourcing & Supplier Management, Mastercard
Barath Narayanan, Global Head of BFSI Unit and Head Europe Region, Persistent
Shelly Kramer, MD and Principal Analyst, theCUBE Research
